What are the various forms of economic integration? How is trade diversion different from trade creation? Elucidate

Forms of economic integration

Although there are many different forms of economic integration, perhaps the most convenient way to order the concept is to think of a continuum that ranges from loose association at one end to an almost complete merging of national economies at the other end. Although it is far from a given that positive experiences in the simpler forms of economic integration will lead to a deepening of the process to increasingly integrated shared economic spaces, the more-complex forms incorporate and are founded on the substantive elements of the earlier forms. The significant point is that although economic integration is explicitly framed by trading relationships, it acquires anincreasingly political character as it reaches deeper forms.

 Custom union - As national production structures transnationalize across the regional space, the next stage is to deepen regulatory harmonization to present a common stance to the extra-regional market. The result is the formation of a customs union relying upon _________ _________ _________ ______ __________ ______ ________ _________ ________ _________ _________.
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